The high price of electric cars as compared to same segment ICE (internal combustion engine) powered car has been a major barrier to their adoption. But the cost is no longer as daunting as electric car batteries have gotten cheaper, government subsidies have increased, and dealerships have begun offering affordable leases. Now, the question of where to charge is a bigger issue, especially for the ~40% of the urban population who live in multi-unit apartment buildings. Many of them don’t have a dedicated parking spot, which makes it difficult to charge an electric car at home.

Lack of public charging stations remains even more critical for intercity travels where present EV owners just don’t feel confident enough to take their EV anywhere anytime. It can be a challenge to own an EV if the owner can’t charge it at home, or if they need to charge while working, shopping or traveling

MARKET SIZE AND FORECAST

The market size of on-board chargers will be directly proportional to EV market growth and inversely proportional to public charging station growth. The cost of building the EV infrastructure requires massive capital investment and co-operation from state and local administration, which of course is not very easy to find.

The market size in terms of volume was estimated at ~1.4M units in 2017 and ~$450M-$500M in terms of value. By 2023, we expect the market to reach ~5M-7.5M units and $1.3B-$1.8B in value. For this report, our market forecasts are scenario based i.e. base, optimistic and negative.

COMPETITIVE LANDSCAPE

The current cost of an on-board charger is $xx per KW, which is expected to come down by XX% by 2023.The suppliers are concentrating on building a 5kW battery charger which is completely integrated in the body of the vehicle and uses on-board control hardware to optimise cost and weight. It will also have the capacity of charging completely drained batteries. But, the technology is still in development phase and might take longer than expected.

We are a market research firm specialized in mobility domain(s). Our zone of research entails Automotive, Aerospace, Marine, Locomotive, Logistics and Transportation. We deal in syndicated research, Custom research and Consumer research for all the aforementioned domains.